JPCTGDF@EC2605A

China Duty Free Opens Store at Beijing Capital International Airport Terminal 3

Hainan Free Trade Port Announces Zero Tariff Policy for Inbound Goods for Residents' Consumption

Hainan Off-Island Duty-Free Shopping Market Sees 44.8% Growth in January Sales

CSGC forecasts further acceleration of China Tourism Group's international layout

Aegean Group Reaches Strategic Cooperation with China Duty Free for Haikou Duty-Free City Project

UBS Maintains Buy Rating on China Tourism Group Duty Free Shares

LVMH Buys Stake in China Tourism Retail to 6.30%

China Tourism Retail Giant China 免税 Acquires DFS Greater China Business

UBS Raises Ratings for China National Tobacco and Shanghai Airport

China Tourism Retail Giant Signs Agreement with DFS to Accelerate Overseas Expansion

DFS Sells Hong Kong and Macau Travel Retail Business to China Tourism Group Duty Free

China Tourism Retail Acquires DFS Greater China Retail Business Equity and Assets

China's China National Travel Retailer Wins Bids for Beijing and Shanghai Airport Duty Free Projects

BoA Securities Raises Sales Growth Forecast and Target Price for China Tourism Retail

Citibank Research Raises China Duty Free's A-Share Target Price to 106 Yuan

Citi Raises Target Price and Provides Positive Outlook for China Tourism Retail

Morgan Stanley Report: China Tourism Retail Expected to Grow by 44% in 2026

China Duty Free Wins Bidding for Beijing and Shanghai Airport Duty-Free Projects and Benefits from Hainan Free Trade Zone Sealing Operation

China Duty Free Establishes New Subsidiary in Beijing

Hainan's Tourism Market Booms After Full-Closure Operation, Duty-Free Sales Continuously Hit New Highs

STARCOIN GROUP

DAISHOMICROLINE

IDT INT'L

GUANZE MEDICAL

BOER POWER

KNOWLEDGE ATLAS

CHINA INFO TECH

QINGHUA HOLD

SUPER STRONG

HAIZHI TECH GP

02513

00100

00390

02050

06160

06618

09888

01347

01698

01880

KNOWLEDGE ATLAS(02513) rose 42.72%, with a trading turnover 3.2 Billion HKD, and a year-to-date rose 523.9%. MINIMAX-WP(00100) rose 14.52%, with a trading turnover 3.5 Billion HKD, and a year-to-date rose 487.9%. JD HEALTH(06618) fell 6.27%, with a trading turnover 341.2 Million HKD, and a year-to-date rose 2.4%. BIDU-SW(09888) fell 6.25%, with a trading turnover 2.5 Billion HKD, and a year-to-date fell 1.9%.

- The Hang Seng Index fell by 1.1%, with a year-to-date increase of 3.1%, while the Hang Seng Tech Index decreased by 2.91% and is down 5.5% year-to-date.  
- Notable stocks include Zhizhi (02513), which rose by 42.72% with a turnover of 3.24 billion HKD, and MINIMAX-WP (00100), which gained 14.52% with a turnover of 3.53 billion HKD.  
- Conversely, JD Health (06618) and Baidu-SW (09888) declined by 6.27% and 6.25%, respectively, with year-to-date performances of 2.4% and -1.9%.

Top Gainers & Losers

MINIMAX-WP

CHINA RAILWAY

SANHUA

BEONE MEDICINES

JD HEALTH

BIDU-SW

HUA HONG SEMI

TME-SW

CTG DUTY-FREE

Top 5 HK Stock Gainers/Losers (>100B) (2.20)

03986

00992

02899

02378

01208

03993

KNOWLEDGE ATLAS(02513) rose 20.65%, with a trading turnover 2.4 Billion HKD, and a year-to-date rose 317.4%. MINIMAX-WP(00100) rose 15.65%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 312.1%. TME-SW(01698) fell 9.23%, with a trading turnover 247.1 Million HKD, and a year-to-date fell 14.5%. ZIJIN MINING(02899) fell 7.64%, with a trading turnover 4.1 Billion HKD, and a year-to-date rose 16.6%.

GIGADEVICE

LENOVO GROUP

ZIJIN MINING

CMOC

Top 5 HK Stock Gainers/Losers (>100B) (2.13)

ATAT

601888

01179

BEDZ

AWAY

Citigroup's research report indicates that strong tourism demand is expected during the Lunar New Year holiday, particularly with positive impacts on CTG DUTY-FREE, Atour, and HWORLD-S. Passenger traffic during the Spring Festival travel season is expected to grow by 5.3%, and Atour is reiterated as the preferred stock in the consumer sector. Demand for outbound travel will be differentiated, while domestic travel momentum looks promising and is expected to continue during the holiday period

AASTOCKS

Atour

HWORLD-S

Invesco Leisure & ENT ETF

AdvisorShares Hotel ETF

ETFMG Travel Tech ETF

Citigroup expects strong domestic tourism demand during the Lunar New Year holiday, which is beneficial for CTG DUTY-FREE, Atour, and HWORLD-S

01072

01093

01801

09992

01818

09980

03690

KNOWLEDGE ATLAS(02513) rose 14.81%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 173.5%. DONGFANG ELEC(01072) rose 7.11%, with a trading turnover 810.9 Million HKD, and a year-to-date rose 23%. ZHAOJIN MINING(01818) fell 5.83%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 6.1%. GIGADEVICE(03986) fell 3.82%, with a trading turnover 252.3 Million HKD, and a year-to-date rose 86.4%.

- The Hang Seng Index increased by 0.58%, with a year-to-date rise of 6.1%.  
- The Hang Seng Tech Index rose 0.62%, but has declined 1.2% for the year.  
- Stocks like Zhihua (02513) surged by 14.81% and recorded a significant yearly gain of 173.5%, while stocks like Zhaojin Mining (01818) dropped by 5.83% despite a yearly increase of 6.1%.

DONGFANG ELEC

CSPC PHARMA

INNOVENT BIO

POP MART

ZHAOJIN MINING

EASTROC

MEITUAN

Top 5 HK Stock Gainers/Losers (>100B) (2.10)

06862

EATZ

09987

YUMC

LKNCY

CICC released a research report, predicting that leisure travel demand will be released during the Spring Festival in 2026, with a particular focus on high-quality companies such as Luckin Coffee, Atour, and CTG DUTY-FREE. The report points out that personnel flow during the Spring Festival travel season is expected to grow steadily, and hotel and dining consumption is likely to rebound. It is recommended to pay attention to the performance of related brands, including HAIDILAO and YUM China

HAIDILAO

AdvisorShares Restaurant ETF

YUM CHINA

YUM China

Luckin Coffee

In "Major Banks," China International Capital Corporation (CICC): Leisure and tourism demand is being released, optimistic about Luckin Coffee, Atour, and CTG DUTY-FREE

00700

09988

09618

01024

The main indices of the Hong Kong stock market strengthened across the board, with the Hang Seng Index, Hang Seng TECH Index, and the National Enterprises Index all recording gains. The internet content and retail sectors performed positively, with capital flows clearly concentrating on leading companies. POP MART showed significant gains during the session, while Alibaba, Kuaishou, and JD were actively traded. Under structural differentiation, some popular stocks experienced sharp declines, and investors are paying attention to short-term sector rotations and macro changes

- The Hong Kong stock market showed overall strength, with the Hang Seng Index rising 1.07% to 27,316.62 points, but still below recent highs.  
- Key sectors like internet content saw notable gains, with Tencent Holdings up 0.62%, while retail stocks also performed well, including Alibaba, which rose 2.22%.  
- However, several individual stocks faced declines, such as Zhiyun (17.85%) and Jiu Fang Zhi Tou (11.55%), indicating a cautious investor sentiment amidst fluctuating market conditions.

Market Heartbeat

TENCENT

BABA-W

JD-SW

KUAISHOU-W

CHOW TAI FOOK

JF SMARTINVEST

VOBILE GROUP

UNISOUND

CHINA LIT

Hang Seng TECH Index

Hang Seng Index

JD LOGISTICS

ALI HEALTH

Hong Kong stocks intraday | All three major indices strengthened, Hang Seng TECH up 1.46%, POP MART leading in intraday gains

00728

00941

00006

KNOWLEDGE ATLAS(02513) rose 36.22%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 138.2%. MINIMAX-WP(00100) rose 11.71%, with a trading turnover 796.5 Million HKD, and a year-to-date rose 212.1%. EASTROC(09980) fell 3.87%, with a trading turnover 206.3 Million HKD, and a year-to-date rose 4%. CHINA TELECOM(00728) fell 2.96%, with a trading turnover 587.4 Million HKD, and a year-to-date fell 8.7%.

- The Hang Seng Index increased by 1.76%, with a year-to-date gain of 5.4%, while the Hang Seng Tech Index rose 1.34%, but has seen a 1.8% decline this year.  
- Zhipu (02513) surged by 36.22% with a trading volume of 1.16 billion HKD, marking a year-to-date increase of 138.2%.  
- In contrast, Dongpeng Beverage (09980) dropped by 3.87% with a trading volume of 210 million HKD, showing a 4% rise for the year, while China Telecom (00728) fell 2.96%, impacting its year-to-date loss of 8.7%.

CHINA TELECOM

CHINA MOBILE

POWER ASSETS

Top 5 HK Stock Gainers/Losers (>100B) (2.9)

02358

06681

01107

09896

As of noon, the three major indices of the Hong Kong stock market have collectively adjusted, with market sentiment becoming more cautious. The internet and retail sectors have shown divergence, with leading stocks experiencing mixed performance. Funds are focusing on structural opportunities, with popular stocks like BRAINAURORA-B and JIU RONG HOLD rising sharply, while technology and consumer heavyweight stocks are generally under pressure. The retail sub-sectors of jewelry, toys, and stationery have performed strongly against the trend, reflecting a shift in funds between the themes of consumer recovery and growth

- Hong Kong's major stock indices declined this morning, with the Hang Seng Index down 1.27% at 26,506.44 points.  
- Key sectors displayed mixed performance, particularly the internet and retail sectors, as market participants opted for caution amidst fluctuating consumer data and external pressures.  
- Prominent stocks included Brain Tech, which surged by 16.13%, while Tencent fell by 2.87%, reflecting overall market sentiment and trading volumes.

JIU RONG HOLD

BRAINAURORA-B

MODERN LAND

MACAU E&M

MNSO

Hong Kong Stock Midday Review | The Hang Seng Index fell 1.27% in the morning session, BRAINAURORA-B and JIU RONG HOLD led the gains strongly

The main indices of the Hong Kong stock market experienced a significant pullback during the trading session, with the Hang Seng Index, Hang Seng Tech Index, and the China Enterprises Index all declining, showing clear structural differentiation. Leading internet and technology stocks generally faced pressure, while retail and jewelry stocks exhibited mixed performance, with individual consumer chain stocks like POP MART and MNSO standing out. Short-term capital flows were active in popular varieties, as the market focused on macro data and policy changes, with investor sentiment dominated by a wait-and-see attitude

- The Hong Kong stock market shows a general decline, with the Hang Seng Index dropping 1.24% and unable to surpass previous highs.  
- The technology sector struggles, particularly Tencent and Kuaishou, while the retail sector sees mixed results; Alibaba falls 2.82%, but Miniso rises 4.58%.  
- Macro factors such as economic data fluctuations and liquidity concerns influence investor sentiment and market dynamics.

GUOFUHEE

GIANT BIOGENE

FI CSOP HSI

FL2 CSOP HSI

CSOP HS TECH

FI2 CSOP HSI

Hong Kong stocks intraday | All three major indices retraced, Tencent Holdings weakened while POP MART remained active against the trend

00884

01995

00HSI

01918

03883

06979

On the settlement day of Hong Kong stock index futures, the Hang Seng Index rose by 141 points, closing at 27,968 points. Mainland property stocks surged significantly as they no longer need to report the "three red lines" indicators monthly, with China Aoyuan, Kaisa Group, and Sunac China rising between 29% and 41%. Consumer stocks performed strongly in the afternoon, with ZJLD and CTG DUTY-FREE increasing by 12% and 8%, respectively. The total market turnover for the day was HKD 331.994 billion

CIFI HOLD GP

ES SERVICES

Sunac China

CHINA AOYUAN

ZJLD

"Hong Kong Stocks" Hang Seng Index futures settlement day rises 141 points, mainland property stocks surge, consumer stocks rise in the afternoon

02423

00688

00358

02020

01928

09660

06181

00027

CTG DUTY-FREE(01880) rose 7.98%, with a trading turnover 414.8 Million HKD, and a year-to-date rose 22.8%. BEKE-W(02423) rose 7.56%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 25.2%. SANDS CHINA LTD(01928) fell 7.96%, with a trading turnover 1.1 Billion HKD, and a year-to-date fell 11.5%. HORIZONROBOT-W(09660) fell 5.94%, with a trading turnover 2.1 Billion HKD, and a year-to-date fell 3.1%.

BEKE-W

CHINA OVERSEAS

JIANGXI COPPER

ANTA SPORTS

SANDS CHINA LTD

HORIZONROBOT-W

LAOPU GOLD

GALAXY ENT

Top 5 HK Stock Gainers/Losers (>100B) (1.29)

02259

02628

09626

03692

01171

09927

MINIMAX-WP(00100) rose 26.48%, with a trading turnover 1.6 Billion HKD, and a year-to-date rose 195.9%. ZIJIN GOLD INTL(02259) rose 11.59%, with a trading turnover 3.1 Billion HKD, and a year-to-date rose 59.6%. HANSOH PHARMA(03692) fell 4.37%, with a trading turnover 420.6 Million HKD, and a year-to-date rose 6.7%. LAOPU GOLD(06181) fell 3.24%, with a trading turnover 1.4 Billion HKD, and a year-to-date rose 33%.

- The Hang Seng Index rose by 1.35%, with a year-to-date increase of 5.8%, while the Hang Seng Tech Index increased by 0.5%, totaling a 4.3% rise this year.  
- MINIMAX-WP (00100) surged by 26.48% with a turnover of HK$ 1.61 billion, marking a significant annual increase of 195.9%.  
- In contrast, Hansoh Pharmaceutical (03692) fell by 4.37% with a turnover of HK$ 420 million, showing a modest year-to-date increase of 6.7%.

ZIJIN GOLD INTL

CHINA LIFE

BILIBILI-W

Top 5 HK Stock Gainers/Losers (>100B) (1.27)

JPCTGDF@EC2605A(22423.HK)

Top 5 HK Stock Gainers/Losers (>100B) (2.20)

Top 5 HK Stock Gainers/Losers (>100B) (2.13)

Citigroup expects strong domestic tourism demand during the Lunar New Year holiday, which is beneficial for CTG DUTY-FREE, Atour, and HWORLD-S

Top 5 HK Stock Gainers/Losers (>100B) (2.10)

In "Major Banks," China International Capital Corporation (CICC): Leisure and tourism demand is being released, optimistic about Luckin Coffee, Atour, and CTG DUTY-FREE